Technician Likes Consumer Discretionary ETF – XLY

Technical analysts are bullish due to the breadth of the recent rally according to the WSJ‘s Geoffrey Rogow.

In the article, Chart Watchers Think This Bull Can Keep Running, Rogow notes that large-cap, small-cap and technology stocks all closed at new highs for 2009 last week.
One technician in particular likes the Consumer Discretionary Select Sector SPDR Fund (XLY) due to the fact that it hit its 200 day moving average in May and has been moving up since then. XLY invests across several consumer-related industries including automobiles and components, household durables, apparel, hotels, restaurants, leisure, media and retailing.
Be Sociable, Share!

Powered by WordPress. Designed by Woo Themes